At the 5:18 mark the Judge summarizes the fundamental difference in how the market produces wealth and how government consumes wealth; how producers seeking profit must please the wants of the voluntarily consuming public and how government needs not care about the wishes of the public as it has the "bottomless pit" of tax payer funds at its disposal.
We would hasten to add that profits, in a free market uncorrupted by government-enforced monopolies formed through subsidies and burdensome regulations, are secured by pleasing consumers through voluntary cooperation and free exchange. Government distribution of property occurs without the consent of the taxpayer.
Williams calls this the "morality of the market."
These points are also detailed in Ludwig von Mises' book The Anticapitalistic Mentality,
wherein he explains that free market exchange (what we call capitalism) turned masses of serfs and slaves into the buying public for whom profit-seeking businesses seek to please.Williams comments on the concept of one dollar one vote. Mises calls the serfs-turned-consumers through freedom in the market the "sovereign consumer." When the market is free to provide for the wants and needs of public, consumers vote every day millions of times a day with their dollars.
As opposed to politicians, profit seekers must be reelected every day. With every transaction,the market pleases every consumer; every vote cast with a dollar brings to the consumer what the consumer desires. Political elections yield to the general desires of the majority, leaving the minority's wishes unfulfilled.
Reducing freedom in the market equals disenfranchising the consumer.
